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UPDATED REPRINT incorporating statutory and case-law update as per Finance Act,2022

Every person, who has anything to do with tax laws, whether as a taxpayer, tax advisor, tax executive, auditor or tax lawyer, has to plan tax conduct. On one hand, he has to ward off no-win areas, whether it be by adherence to various time limits for tax compliance or obligations relating to tax deduction at source, compulsory maintenance of accounts, etc., so as to avoid pitfalls and not get trapped by involuntary non-compliance of duties enjoined by voluntary compliance as part of procedural law. On the other hand, the tax laws with constant stream of amendments, some retrospective or even retroactive, ever-flowing precedents from the courts, both binding and not-binding, and circulars, benevolent or otherwise, offer both challenge and opportunity in substantive law. It is in this maze of confusion one may find some shelter in tax incentives, deductions and rebates as well as in choice of accounting methods, valuation of stock or Accounting Standards.

This book, by gathering all relevant material in plain and easily understandable language, is intended to help save tax. The authors have endeavoured to explain the entire law in a simple and easy to understand language with the help of up-to-date case-law on relevant topics. Copious references to cases decided by the Supreme Court, various High Courts and ITAT find place in the book. In addition, references are also made to some foreign cases which have a bearing in the context of Indian tax laws. In a way, it is a subject-wise, chapter-wise commentary on the Income-tax Act, 1961 and allied subjects.

This edition takes into account all the amendments brought about by the Finance Act, 2021 alongwith Direct Tax Vivad Se Vishwas Act, 2020, Benami Law and Tax Implications, Pradhan Mantri Garib Kalyan Yojana.

Taxation Laws (Amendment) Act, 2021 also finds place in STOP PRESS.

Over 8000 cases have been referred in the book.

A special feature is a large number of Questions and Answers appended at the end of each Chapter which deal with specific tax problems and their solutions based mostly on decided cases, so as to provide solutions to complex tax problems.

From the response to the last ten editions, the publishers and the authors have received great encouragement and they have taken into account almost every suggestion from the readers in preparing the present edition.

An exhaustive Subject Index as also a Table of Cases referred to in the book have been provided for ease of quick reference.

A comprehensive and exhaustive guidebook covering every conceivable aspect of direct taxes planning with the help of up-to-date statutory law and case law with comments, incorporating tips for tax savings with necessary caution as regards safeguards, documentation, and procedures.

• A novel feature of the book being Questions and Answers solving specific problems-appended to each Chapter.
• Amendments made by the Finance Act, 2021 incorporated at appropriate places in the book